BusinessHow today’s startup market isn’t like 1999, and what...

How today’s startup market isn’t like 1999, and what you need to raise a hot Series A – TechCrunch


As 2021 wound down, The Exchange needed to dig into what may occur if the startup music stopped taking part in. So we received veteran enterprise capitalist Matt Murphy on the cellphone to discuss it over.

Murphy started his career at Sun Microsystems again within the mid-90s, becoming a member of enterprise store Kleiner Perkins in 1999, the place he stayed till 2015. From there, the investor modified groups to Menlo Ventures, the place he’s labored since. For a little little bit of context, Murphy has invested in DocuSign, Egnyte, AppDynamics and Carta, amongst others.

The Exchange explores startups, markets and cash.

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But most related as we speak is his expertise investing throughout downturns, together with each the 2000-era startup contraction and the 2008 monetary disaster. So, armed with a grip of questions and a recorder, we talked via a host of subjects, from present startup benchmarks to the sturdiness of today’s startups and modifications to the general startup hit charge.

Our chat with Murphy was wide-ranging. To handle its size, we’ve sectioned his solutions by theme, including subheadlines in locations the place the subject modified barely. We’ve additionally edited our questions down sharply and made modest edits to the transcript for readability and size, together with increasing sure acronyms.

Enjoy your snow-day learn!

On whether or not the present interval is overheated or backed by fundamentals

Matt Murphy: Well, I’m very OK with the investments I’ve already made being marked up, as a result of that makes you really feel like a hero, and very traumatized by attempting to get into new stuff, as a result of that makes you really feel like a chump. [Laughter]

[But yes,] the best way that valuations have modified and proceed to change in a comparatively quick time frame has been astonishing. Definitely extra so than in 1999. It simply feels like this has been extra of a sturdy interval. It’s extra distributed, and each time you assume it’s a new max, one thing else occurs.

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